Broker vs. Independent Escrow


  INDEPENDENT ESCROW COMPANIES BROKER OWNED ESCROW DEPARTMENTS TITLE COMPANY ESCROW DEPARTMENTS SAVINGS & LOAN ESCROW BANK ESCROW DEPARTMENTS
BONDING REQUIRED
YES
NO
NO
NO
NO
MANAGER REQUIREMENTS
5 yrs as Escrow Officer or
4yr. EO + School
NO
NO
NO
NO
REGULAR OPERATIONAL PROCEDURE AUDIT
YES (once a year with no notice)
NO
NO
NO
NO
ANNUAL AUDIT REQUIRED
YES
NO
NO
NO
NO
TRUST FUNDS INSURED
YES (EAFC)
NO
NO
NO
NO
FINANCIAL LIQUIDITY REQUIREMENTS
YES
NO
NO
NO
NO
ESCROW LICENSE REQUIRED
YES
NO
NO
NO
NO
DEPT. OF JUSTICE INVESTIGATION OF ALL EMPLOYEES
YES
NO
NO
NO
NO